ClosingCorp, which provides closing-cost data and services to mortgage lenders, has released a product designed to offer more accurate pricing for real-estate services.
The SmartOrder system, announced Monday, lets mortgage lenders order services online that include prices tied to good-faith estimates, which is intended to eliminate discrepancies between estimated and final costs. The system allows banks to get quotes from 12,000 service providers in ClosingCorp's database, which is organized into 30 different service categories.
The product is free for mortgage lenders. CalCon Mutual is one of several lenders that have begun using the product, the release says.
"For lenders, the disconnected pricing and ordering systems currently employed by much of the industry have made it extremely difficult to remain RESPA compliant," Tim Armbruster, chief technology officer and senior vice president of ClosingCorp, said in the news release. "Rates that are accurately quoted on the GFE might not match the actual service fee, which is often determined independently at the time of the order and can change throughout a loan lifecycle."